Life insurance for single mothers

What if you are a single mother and the unexpected happens. Have you planned where your kids will be raised and their financial future? It is a scary proposition. Life insurance for single mothers becomes an important topic to protect your children’s future. It is part of putting an overall plan in place to to ensure your children are raised in the best possible environment.

Many times I hear that the the grand parents would take the children if something happens. Nothing wrong with this scenario except it may put an unwanted or unrealized financial burden on the grandparents. Lets face it kids cost money. Even letting one of your siblings raise your children could cause an undo financial hardship.

As it is important to find quality environment for your children in case of your demise. It is just as important to secure their future in terms of living expenses, education etc. I understand money alone does guarantee the ideal environment, but it is a good down payment.

Life insurance for single mothers  Life insurance for single mothers

Cost is always an issue when it comes to purchasing life insurance. In most cases you will only need the coverage until your children are either out of college of working to support themselves full time.  So the best policies to look at are typically 10- 20 year term policies. I would try to go with a highest death benefit and lowest term period you feel comfortable with. Meaning it is better to get a 15 year term with a $400,000 death benefit vs a 20 year term with a $300,000 death benefit. Of course much of this will depend on your children’s age and when you expect them to be on their own?

Single Mothers Top 10 Life Insurance Tips

1. Term Life Insurance is the best option

  • Term life insurance is cheaper than permanent life insurance
  • Term life insurance is the most basic policy without many bells and whistles
  • If you feel you will outlive your coverage, maybe look into “Return of Premium” policies


2. Non-medical exam Life Insurance in a Snap

  • Non -medical exam life insurance is an easy way to qualify for coverage quickly
  • You can actually get preferred rates in today’s market
  • Many of these policies also include some living benefits


3. How Long should you have coverage?

  • Take the age of your youngest child and subtract from 24
  • Or at least get them to the age of when they would graduate college
  • If you own a home, take a look at your mortgage. If you have a 30-year loan on your home, consider getting a 30-year term to make sure that the house is protected while it’s being paid off.


4. The Sooner, the Better to buy a life insurance policy

  • Term life insurance is less expensive the younger you are
  • You are less likely to have health issues when younger to qualify for insurance
  • Do not wait until a medical issues arises to try and get coverage


5. Employer Policies may or may not be a good option

  • Compare cost between what your employee offers to the open market place
  • If you change jobs does your coverage continue?
  • Most group life insurance plans the premiums increase over time


6. Don’t over buy life insurance

  • Coverage should be 6-10 times your annual salary
  • Make sure you have enough to meet any educational or special health needs of your children


7. Pay Less for More Coverage

A lot of insurers offer so-called “price breaks” at specific levels of coverage. For example, going for $250,000 instead of $225,000 could actually save you money. Fact is a lot of people wind up paying less for more because of price breaks. Check it out for yourself by quoting the difference in rates between $250,000, $500,000, or $1,000,000 policies.

8. Don’t buy and then forget about the insurance

  • Go through a policy review at least every two years.
  • Consider making a change if your needs or your health changes


9. Consider a policy where Living Benefits are include for free

  • Critical illness
  • Chronic illness
  • Terminal illness


10. If possible get enough coverage to pay for their college education.

  • This may be a secondary concern, but it is important
  • It will help insure your children’s future success
  • They will always remember
  • Also check


If affordability is an issue with buying life insurance?  You may look into combining life insurance with your auto and homeowner’s insurance. Since HelpInsure.Me is a full service broker we can look at all your insurance policies and find the right combination to potentially help save you money. It never hurts to just ask.

Life insurance for single mothers

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